Why Does Love Matter for a Brand?
Today is all about love. While you might be buying some flowers or chocolate for the one you love, what are you doing to show your consumer that you love them? How do you expect them to love you, if you don’t show them a little bit of love.
Here’s a cute ad that Coke, one of the most beloved brands, is doing to celebrate the day with their consumers.
More Love Means More Profits
Brand Leaders are thinkers and don’t always feel comfortable getting all emotional. They don’t have time for fluff, because they have a bottom line to hit. How many times have we heard: “keep it simple, show my product shot, say my superiority claim, show a demo and the product will sell itself”.
But what if I told you that the more love you can generate for your brand, the more money you will make. Does that sound like crazy talk?
The Brand Love Curve
In the consumer’s mind, brands sit along a hypothetical Brand Love Curve, going from Indifferent to Like It to Love It and finally becoming a Beloved Brand for Life.
The farther along the curve the deeper the connection. At the beloved stage, demand becomes desire, needs become cravings, and thinking is replaced with feelings. Consumers become outspoken fans. That connection helps drive a positional power for your brand—a power versus competitors, customers, suppliers and even versus the very consumers that love you. With that power, consumers will pay more, use more and follow where the brand goes next. All this love goes straight to the bottom line.
Marketers keep debating what makes a great brand. Is it the product, the advertising or even the experience? There are 5 sources of Brand Love: the brand promise, experience, strategy, innovation and the communication of the brand story.
The brand’s promise must be relevant, simple and compelling enough to connect. A brand can only be better, different or cheaper. Otherwise it won’t be around for very long. The most beloved brands are based on an idea worth loving. The strategic choices should start with where the brand is on the Brand Love Curve and finding ways to create a deeper connection. Externally, the promise is delivered through communication, but just important the brand acts as an internal beacon to the culture and the R&D. The brand story expresses the promise in a compelling way, whether through paid media, earned, social and search. The experience created by the culture has to over-deliver the brand promise. Freshness of innovation, keeps the brands one-step ahead of competitors. Every new product should tie back to the brand promise. Execution in every facet matters: you have to love what you do. If you don’t love the work how do you expect your consumer to love your brand?
Once you create love with your consumer, the key is turning that love into power.
That starts with a power over the very consumers that love them. The most loyal users line up in the rain for new products, promote and defend the brand, pay the price premium and even follow the brand to new categories. With this connection, beloved brands have a power over channels, as people would rather switch stores than switch brands. There’s a power over the media. Not only can you afford more paid media, you can generate more free media: earned, social or search media. Apple generates over a billion dollars of free media via the mainstream media and social media. Beloved Brands have a power over employees that want to be part of the brand who intimately know and bring a passion to the brand before they even start.
Because the brand is now tied more to how you feel than just the product, there’s a direct impact on the P&L.
The most beloved brands create momentum as crowds follow crowds, turning it into share gains. Consumers follow the Brand into new categories. The price is inelastic with loyal brand fans pay a 20-30% price premium and even the weakened channels and take lower margins. In terms of costs, suppliers will cut their price to be on the brand’s roster, and higher volumes lower cost of goods. With higher share, new categories, an inelastic price and lower cost structure, the most beloved brand can turn the connection into growth profits.
The formula for a Beloved Brand is simple:
Beloved = Power = Growth = Profit
So maybe it’s time for Brand Leaders to start asking: “And how will this make our consumers love my brand”
Here’s a summary on Creating a Beloved Brand:
Beloved Brands: Who are we?
At Beloved Brands, we promise that we will make your brand stronger and your brand leaders smarter. We can help you come up with your brand’s Brand Positioning, Big Idea and Brand Concept. We also can help create Brand Plans that everyone in your organization can follow and helps to focus your Marketing Execution. We provide a new way to look at Brand Management, that uses a provocative approach to align your brand to the sound fundamentals of brand management.
We will make your team of Brand Leaders smarter so they can produce exceptional work that drives stronger brand results. We offer brand training on every subject in marketing, related to strategic thinking, analytics, brand planning, positioning, creative briefs, customer marketing and marketing execution.
To contact us, email us at firstname.lastname@example.org or call us at 416-885-3911. You can also find us on Twitter @belovedbrands.